Yes Bank gets RBI strict instruction | depositors will get full 5 lakhs. Business News - ZNDM Media Varanasi

The Reserve Bank of India has dissolved the board of directors of the bank with immediate effect by increasing the toughness on the troubled private sector Yes Bank on Thursday. Yes Bank had been facing the problem of rising debt for a long time. Earlier, the government had given approval to SBI and other financial institutions to acquire YES Bank, which is facing cash crisis. At the same time, the limit of withdrawal of money for the customers of the bank was fixed at 50 thousand rupees. Customers will not be able to withdraw more than this in a month. This prohibition has been imposed till 3 April.

The Reserve Bank of India has dissolved the board of directors of the bank with immediate effect by increasing the toughness on the troubled private sector Yes Bank on Thursday. Yes Bank had been facing the problem of rising debt for a long time. Earlier, the government had given approval to SBI and other financial institutions to acquire YES Bank, which is facing cash crisis. At the same time, the limit of withdrawal of money for the customers of the bank was fixed at 50 thousand rupees. Customers will not be able to withdraw more than this in a month. The ban has been imposed till April 3. The Reserve Bank of India has also taken over the management of the bank. The Reserve Bank has appointed Prashant Kumar, former Chief Finance Officer of SBI, as the new administrator of Yes Bank. The banking regulator says that this decision has been taken in view of the interest of the account holders and investors and in the next few days new information related to the withdrawal limit will also be given. Apart from this, it has also been reported that the withdrawal limit

 The Reserve Bank of India has taken over the management of Yes Bank. As soon as this news spread, a huge crowd of people gathered at the ATM of Yes Bank. The bank's net banking and ATM services have also been discontinued. Due to which customers are getting upset, but despite this crisis, the customers of Yes Bank need not panic. Because the finance minister had announced in the budget presented on February 1, 2020 that up to Rs 5 lakh of the depositors would be protected in the event of a bank sinking. Which was 1 lakh rupees till now. According to the RBI, if a bank sinks or goes bankrupt, its depositors will only get a maximum of Rs 5 lakh, irrespective of the amount in their account. According to the Reserve Deposit Insurance and Credit Guarantee Corporation of the Reserve Bank of India (RBI), insurance also means that customers will get Rs 5 lakh irrespective of the deposit amount.